Ethereum (ETH/USD) gave back some recent gains early in the Asian session as the pair depreciated to the 3868 level after trading as high as the 3973.27 area during the European session, with the interday low representing a test of the 61.8% retracement of the recent depreciating range from 4030.35 to 3865. Traders recently pushed ETH/USD as high as the 3984.82 level, a recent area of technical resistance that emerged after ETH/USD peaked around the 4030.75 level. Buying pressure recently kept ETH/USD bid above the 3832.92 level, representing the 23.6% retracement of the appreciating range from 3341.16 to 3984.82.
ETH/USD bulls notched major gains last week when Stops were elected above the 3738, 3744, 3757, and 3815 areas, upside price retracement levels related to buying pressure that emerged around the 1718.41 area and selling pressure that emerged around the 4384.43 area. Additional upside price objectives include the 4384.43 and 4518.94 levels. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 3010, 2966.89, 2728.51, 2490.12, 2195.17, and 2150.73 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3609.11 and the 50-bar MA (Hourly) at 3911.40.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3994.97/ 4384.43/ 4518.94 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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